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IFB Industries swings to loss in fiscal Q4

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IFB Industries swings to loss in fiscal Q4

IFB Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 2.04 Indian rupees per share, compared with 1.64 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 83.0 million rupees, compared with income of 66.4 million rupees in the prior-year period.

The normalized profit margin declined to negative 2.7% from 2.5% in the year-earlier period.

Total revenue climbed 19.0% on an annual basis to 3.19 billion rupees from 2.68 billion rupees, and total operating expenses climbed 33.8% on an annual basis to 3.04 billion rupees from 2.27 billion rupees.

Reported net income decreased 87.0% year over year to 11.8 million rupees, or 29 paise per share, from 91.0 million rupees, or 2.24 rupees per share.

For the year, the company's normalized net income totaled 7.67 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 15.45 rupees.

EPS rose 83.3% from 4.19 rupees in the prior year.

Normalized net income was 311.0 million rupees, a gain of 83.3% from 169.7 million rupees in the prior year.

Full-year total revenue rose 23.7% year over year to 12.36 billion rupees from 9.99 billion rupees, and total operating expenses grew 23.5% on an annual basis to 11.85 billion rupees from 9.60 billion rupees.

The company said reported net income rose on an annual basis to 497.3 million rupees, or 12.27 rupees per share, in the full year, from 216.0 million rupees, or 5.33 rupees per share.

As of July 8, US$1 was equivalent to 63.52 Indian rupees.